In another annual taxonomy refresh, the US Financial Accounting Standards Board (FASB) has confirmed that the Securities and Exchange Commission (SEC) has approved its 2021 GAAP Financial Reporting Taxonomy (GRT) and 2021 SEC Reporting Taxonomy (SRT), together known as the ‘US GAAP Taxonomy.’
The Financial Accounting Standards Board (FASB) has issued proposed taxonomy updates and improvements for 2020. Stakeholders are invited to comment on the proposed changes, with the deadline for comments being 3 January 2020. The proposed changes are pending SEC acceptance of the 2020 FASB US GAAP Financial Reporting Taxonomy. Read more and access the release […]
We are in an era characterised by the explosive growth of new economies. New, rapidly expanding industries on the cutting edge of technology are increasingly the driving force of economic growth. Think Amazon, Apple, Tencent, Alphabet, Alibaba and Samsung. But how can the value of new economies best be recorded within financial statements? And should […]
Why do companies disclose “Non-GAAP” or “Proforma” earnings and performance measures? Is it because accounting standards don’t provide a suitable way to measure and understand corporate business models? Is it because Non-GAAP measures better reflect economic reality, or, at least, the factors under the control of management? Perhaps not.
The Financial Accounting Standards Board (FASB) earlier this week announced that the 2019 GAAP Financial Reporting Taxonomy and 2019 SEC Reporting Taxonomy (SRT) are both available. The GAAP Financial Reporting Taxonomy contains updates for accounting standards and other recommended improvements. The 2019 SRT contains elements necessary to meet SEC requirements for financial schedules, condensed consolidating financial information for guarantors, […]